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‘Overwhelmingly optimistic’: Investors approve of current market

May 29, 2020Grace Ormsby

It’s as good a time as ever to buy residential property, according to 70 per cent of Australian property investors. ...

REB_top100agents
top 10 agents

1

Alexander Phillips

Year of Experience: 20

Support Staff: 3

Residential Properties Sold: 215

Total Value of Residential Properties Sold:

$ 522,477,791

VIEW COMPLETE REPORT

Have you experienced sexual harassment or bullying in the workplace?

Yes, I've been the victim of sexual harassment (15.8%)
Yes, I've been the victim of workplace bullying (21.1%)
No (63.2%)

Total votes: 19
The voting for this poll has ended on: April 30, 2020
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EVENTS
REBAWARDS Listready
Real Estate Business Awards 2020

The REB Awards is the benchmark of success in the Australian real estate industry. It reflects not only the business astuteness of the country’s leading real estate operators and networks..

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Surviving EOFY without losing your mind

22 June 2016 Jane Morgan

You got through the last one relatively unscathed, with just a few bumps and bruises. You recovered… then you blinked and BOOM! It’s here again.

And with it comes higher-than-normal stress levels, later nights, less sleep and a whole lot of thoughts about how you’ll do it better next year.

Well, the time is now.

Before this financial year is over, we want to help you plan the systems you need to put in place now, to make this the last ever EOFY where you are chasing your tail and adding a whole lot of undue stress to your already hectic schedule.

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Preparation is key.

Stop, breathe and follow our three steps to getting through this EOFY:

  1. EOFY statement previews

By generating EOFY statement previews, you can instantly see errors such as missing addresses and poorly allocated expenses and revenue at a glance. You then have the opportunity to amend the errors before you run the reports.

  1. Reconcile

If there is one thing you do, don’t leave your reconciliation until the last minute. Any problems with your balance will see you unable to reconcile and will result in you pulling out a lot of much-needed hair. Most trust accounting software now allows you to reconcile on a daily basis. Making this a part of your daily routine will help to avoid a mess at the end of each month.

  1. Back up

Refer to point 2 – make backing up a part of your everyday routine. Losing data is a huge headache you don’t want to encounter. Backing up doesn’t take long and is well worth the effort.

Now say goodbye to EOFY stress for good!

Once you’ve made it through, you’ll be able to start the new financial year on the right foot. Implement these new systems on 1 July and watch yourself sail into the next EOFY. You’ve started the habit of reconciling and backing up daily – so now add these to your list:

  1. Conduct internal audits – so you are prepared for when the real thing happens.
  2. Adopt a risk management plan – have a plan in place should the unexpected happen – like losing your trust accountant (shudder).
  3. Train up – keep up to date with the latest rules and regulations relating to the industry. You can never know too much.
  4. Ledger account audits – conduct regular audits on your ledger accounts to clear out any built-up funds and allocate to the correct account.
  5. Review agreements – ensure your agency agreements are current and in date. If not, update them.
  6. Update policies and procedures manuals – taking the time to run a quick eye over your policies and procedures will ensure your office is running as efficiently as possible, and prompt you to ensure your staff are fully across all office policies.
  7. Keep better trust records – information is key. Keeping good records ensures you aren’t left fumbling in the dark when faced with an auditor’s review and questions you cannot answer. Taking the time to jot those few notes on your reconciliation or bank deposit sheet will come in handy when you need it most.
Surviving EOFY without losing your mind
Jane m
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Jane Morgan

Jane Morgan

Jane is a licensed Real Estate Agent & Strata Manager in NSW. She has 18 years industry experience, 15 of which have been spent directly in Real Estate, and 3 years as a trainer.

Jane established End of Month Angels in 2012, a consultancy firm specialising in providing trust accounting solutions for busy agencies.
As a trust accounting trainer at the Australian College of Professionals and Real Estate software trainer, she is constantly engaging in professional development in order to stay on top of legislative requirements to ensure that clients receive the highest level of service available.

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